BanEcuador has available agricultural and livestock insurance that allows the farmer to recover direct production costs invested in crops that have been affected by climatic, geological and biological phenomena. Considering the rains and floods that are recorded in various parts of the country, we remind you that this insurance can be used by those who have a valid credit in the subject.

The risks covered by the insurance are: drought, flood, excessive humidity, landslides, blockages, frost, hail, low temperatures, strong wind, fire, uncontrolled pests, uncontrolled diseases, falling ash.

In loans at a rate of 1%, 220 million dollars have already been given, and BanEcuador plans to place 250 million dollars in 2023.

The insured amount corresponds to the insured’s investment in its cultivation, i.e. direct production costs incurred during land preparation, manual or mechanized, necessary inputs and labor. Costs incurred in harvesting, postharvest, transportation and marketing are not taken into account.

Among the requirements are:

In terms of livestock insurance, this allows the producer’s investment in the conformation of his cattle herd to be protected; as well as the replacement of necks avoiding the imbalance of production and productivity of cattle, thereby helping to meet credit obligations, while preserving the economic stability of producers.

BanEcuador provides care to beneficiaries in brigades installed in two hospitals in Guayaquil

The prerequisites for using this insurance are:

In addition, the entity reminds that notification of an accident in agriculture must be made within ten days of the event, while in the case of livestock, the delivery of accompanying documents must be made within a maximum of 5 working days to the insurer. .

For those who do not have a current loan, there is an emerging SOS loan, intended for persons, small and medium-sized enterprises victims of accidental events, due to the impact of which emergency situations are declared, through competent institutions or banks.

Terms and requirements:

BanEcuador says it has paid out more than $1.8 million to 252 clients since April. In the provinces of Chimborazo, Guayas, Loja and Manabí.

SOS credit is approved only for activities in the production sector. Therefore, the money cannot be used for consumption or personal needs such as house or car repairs.

Ban Ecuador officials visit on the page Before approving the SOS loan, assess whether the facilities are really destroyed or damaged and thus ensure that the money is used to restart production.